The Pure Theory of Capital (The Collected Works of F. A. Hayek) by F. A. Hayek (PDF)

Description

First published in 1941, The Pure Theory of Capital has long been overlooked. This volume offers a detailed account of the equilibrium relationships between inputs and outputs in a time-filled economy. Hayek’s stated objective was to make capital theory―which had previously been devoted almost entirely to the explanation of interest rates―“useful for the analysis of the monetary phenomena of the real world.” His ambitious goal was nothing less than to develop a capital theory that could be fully integrated into business cycle theory. Hayek’s manifesto of capital theory is now available again for today’s students and economists to discover.F. A. Hayek (1899–1992), recipient of the Medal of Freedom in 1991 and co-winner of the Nobel Memorial Prize in Economic Sciences in 1974, was a pioneer in monetary theory and one of the principal proponents of classical liberal thought in the twentieth century. He taught at the London School of Economics, the University of Chicago, and the University of Freiburg.Lawrence H. White is Professor of Economics at George Mason University.

User’s Reviews

Editorial Reviews: Review The Midwest Book Review January 2013Hayek is a major economist and political thinker of the twentieth century. His account of how changing prices communicates information which enables individuals to coordinate their plans is widely regarded as an important achievement in economics. Compiled and edited by Lawrence H. White (Professor of Economics, George Mason University, Fairfax, Virginia) is a 480 page compendium comprised of the writings of F. A. Hayek and was originally published in 1941. Of special note is Professor White placing these writings into their proper historical context for the benefit of a new generation of economics students. “The Pure Theory of Capital” is a strongly recommended addition to academic and university library 20th Century Economic Studies reference collections and supplemental reading lists.

Reviews from Amazon users which were colected at the time this book was published on the website:

⭐The Pure Theory of Capital was Hayek’s last effort in technical economic theory. Written during the 1930’s while Hayek was working in the LSE and debating the hottest macro issues of the day (which obviously included explaining the Great Depression), Hayek presented his business cycle model in Prices in Production but most if not nearly all who were interested in it didn’t really understand his model. In order to prove his theory of the business cycle Hayek had first to construct a sophisticated capital theory with heterogeneous capital with different intertemporal effects on output flows, a 3 dimensional theory of capital. Something that has not been done even today (capital theory is regarded as dead: everybody today works with homogeneous capital), Hayek actually never finished his theory, which would take perhaps a thousand pages, in order to incorporate monetary theory into his model. Eventually, he got tired of it, frustrated with the enormous complexity of the task, and abandoned capital theory as a whole. This book represents his half finished theory. It’s the work of a genius but I personally believe that capital theory is not required to actually articulate his theory of the business cycle formally, what we need is a model of dynamic market adjustment (disequilibrium analysis) to the injection of money which also has not been done.

⭐Great book

⭐Good read

⭐Livre important pour tous ceux qui s’intéressent aux théories du capital en économie, et plus particulièrement à l’école autrichienne avec les contributions de Carl Menger, F. von Wieser, E. Böhm-Bawerk, L. von Mises et Schumpeter. Dans ce livre publié en 1941, Hayek a développé et précisé son analyse du capital en économie après son ouvrage plus connu de 1931: “Prix et production” sur les cycles et les crises.C’est une référence importante en analyse économique d’un point vue de comparaison avec les théories marxiste et keynésienne, et aussi le modèle néo-classique standard. Hayek avait alors assuré ses bases économiques avec les publications de “Profits, Interest and Investment”, “Monetary Theory and the Trade Cycle” et “Monetary Nationalism and International Stability”, pour se consacrer par la suite à ses travaux de philosophie politique, et toujours à la défense du libéralisme.

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